Earlier this week, Mexican President Enrique Peña Nieto sent a bill to
the Mexican Congress which, if it becomes law, would bring about major
reforms in the Mexican telecommunications industry, including the
introduction of greater governmental powers to combat monopolies and
rules which could ease the path for more foreign investments. This news
should be encouraging for investors for a number of key reasons,
according to Fran
Rodilosso, Fixed Income Portfolio Manager at Market Vectors ETFs.

“These proposed reforms are the latest in a recent series of encouraging
signs that we have seen coming out of Mexico. The new administration has
an aggressive reform agenda, and the proposed telecommunications reform
is a positive sign of its willingness to take on some of the most
powerful business interests in the country,” said Rodilosso. “As a
long-time investor in high-yield emerging market bonds, I have seen how
the market has treated the ‘also-rans’ in Mexico’s telephony and
broadcasting industries; companies whose ability to compete in that
country has at times seemed to be at the whim of the dominant players or
the courts. Even last year, a smaller fixed line competitor lost
important rulings on fees that severely hurt its profitability. In my
view, this type of reform could level the playing field somewhat and
open up some of these companies to foreign ownership.”

“Of course, if this bill passes and becomes law, the question remains of
its effectiveness,” continued Rodilosso. “The courts have historically
been friendly towards Mexico’s dominant companies and politically
ingrained elites. Even the recent pro-creditor ruling on the Mexican
bankruptcy case involving Vitro SAB happened on U.S. soil. If Vitro did
not have U.S. subsidiaries, then creditors would have been left with
very little leverage to combat the company’s reorganization plan was
approved in local courts.”

“In my opinion, there are a variety of risks associated with investing
in the small market, mostly fixed line, operators in Mexico. But the
movement towards reform at this early stage in President Peña Nieto’s
administration should be seen as an encouraging step in opening up the
competitive landscape to potentially more foreign ownership,” he added.

Van Eck Associates Corporation does not provide tax, legal or accounting
advice. Investors should discuss their individual circumstances with
appropriate professionals before making any decisions.

Please note that the information herein represents the opinion of the
portfolio manager and these opinions may change at any time and from
time to time. This is not a recommendation to buy or sell any security
nor is it intended to be a forecast of future events, a guarantee of
future results or investment advice. Current market conditions may not
continue. Non-Van Eck Global proprietary information contained herein
has been obtained from sources believed to be reliable, but not
guaranteed.

About Market Vectors ETFs

Market Vectors exchange-traded products have been offered since 2006 and
span many asset classes, including equities, fixed income (municipal and
international bonds) and currency markets. The Market Vectors family
totaled $27.6 billion in assets under management, making it the fifth
largest ETP family in the U.S. and eighth largest worldwide as of
December 31, 2012.

Market Vectors ETFs are sponsored by Van Eck Global. Founded in 1955,
Van Eck Global was among the first U.S. money managers helping investors
achieve greater diversification through global investing. Today, the
firm continues this tradition by offering innovative, actively managed
investment choices in hard assets, emerging markets, precious metals
including gold, and other alternative asset classes. Van Eck Global has
offices around the world and managed approximately $36.6 billion in
investor assets as of December 31, 2012.

There are risks involved with investing in ETFs, including possible loss
of money. Shares are not actively managed and are subject to risks
similar to those of stocks, including those regarding short selling and
margin maintenance requirements. Ordinary brokerage commissions apply.
Debt securities carry interest rate and credit risk. Interest rate risk
refers to the risk that bond prices generally fall as interest rates
rise and vice versa. Credit risk is the risk of loss on an investment
due to the deterioration of an issuer's financial health. The Funds'
underlying securities may be subject to call risk, which may result in
the Funds having to reinvest the proceeds at lower interest rates,
resulting in a decline in the Funds' income.

The Funds may be subject to credit risk, interest rate risk and a
greater risk of loss of income and principal than those holding higher
rated securities. As the Funds may invest in securities denominated in
foreign currencies and some of the income received by the Funds may be
in foreign currency, changes in currency exchange rates may negatively
impact the Funds’ returns. Investments in emerging markets securities
are subject to elevated risks which include, among others,
expropriation, confiscatory taxation, issues with repatriation of
investment income, limitations of foreign ownership, political
instability, armed conflict and social instability. Investors should be
willing to accept a high degree of volatility and the potential of
significant loss. The Funds may loan their securities, which may subject
them to additional credit and counterparty risk. For a more complete
description of these and other risks, please refer to the Funds’
prospectus and summary prospectus.

The “net asset value” (NAV) of an ETF is determined at the close of each
business day, and represents the dollar value of one share of the ETF;
it is calculated by taking the total assets of an ETF subtracting total
liabilities, and dividing by the total number of shares outstanding. The
NAV is not necessarily the same as an ETF's intraday trading value.
Investors should not expect to buy or sell shares at NAV. Total returns
are based upon closing “market price” (price) of the ETF on the dates
listed.

Fund shares are not individually redeemable and will be issued and
redeemed at their NAV only through certain authorized broker-dealers in
large, specified blocks of shares called “creation units” and otherwise
can be bought and sold only through exchange trading. Creation units are
issued and redeemed principally in kind. Shares may trade at a premium
or discount to their NAV in the secondary market.

Investing involves substantial risk and high volatility, including
possible loss of principal. Bonds and bond funds will decrease in value
as interest rates rise.An investor should consider the
investment objective, risks, charges and expenses of a Fund carefully
before investing. To obtain a prospectus and summary prospectus, which
contain this and other information, call 888.MKT.VCTR or visit
vaneck.com/etf. Please read the prospectus
and summary
prospectuscarefully before investing.